Published
9 months ago on
August 02, 2023
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2023 has brought forth a promising array of young projects that are capturing the attention of enthusiasts and investors alike. These breakthrough initiatives encompass a diverse range of areas, offering innovative solutions to some of the most pressing challenges faced in the virtual space. From an innovative social media gamified approach and decentralized personal identification system to advanced infrastructure solutions for seamless interaction with the blockchain, these projects are paving the way for a more accessible, secure, and interconnected crypto ecosystem.
As the world continues to embrace the potential of blockchain technology and cryptocurrencies, these five projects stand out for their ambitious visions and disruptive approaches. With a shared commitment to pushing the boundaries of what's possible, they hold the potential to redefine how we engage with the digital realm and leverage the power of decentralized networks. In this exploration of the most noteworthy young projects in the crypto industry for 2023, we delve into the cutting-edge innovations that are shaping the future of finance, identity management, and decentralized applications.
Cheelee
Cheelee, a Web3 GameFi short video platform that rewards users for watching the feed, changes the way people make money on social media.
Cheelee uses the Attention Economy concept to give everyone a new way of earning an income and a living wage, regardless of age, occupation, or socioeconomic background, and has the potential to redefine the social media industry while helping solve the problem of job automation by AI.
"Cheelee is a game-changing Web3 GameFi short video platform that reshapes the landscape of social media platforms and rebalances the power which was earlier concentrated in the hands of platform owners, bloggers and advertisers. Our platform is not just about watching short videos; it's about empowering users to become more active in their virtual journey," CPO Cheelee Yuriy Kardonov explains.
To inspire new users to learn its money-making mechanisms, the app gives them a free pair of Starting Digital glasses. Users that upgrade these glasses can increase their initial investment by more than X2. Cheeleers manage to earn up to several thousand dollars monthly with this tool, as seen from their reports on the platform's socials.
Cheelee is going to blow up in 2023 with its governance token, $CHEEL, which has been steadily increasing in value and shows great promise because of its limited supply, high utility, and possible access to almost 5 billion social media users around the world. Cheeleeis already available on App Store and Google Play.
WorldCoin
Meet Worldcoin, a unique cryptocurrency project with a mission to verify people's identities online and combat the problem of bots and fake virtual profiles created by AI. Their special system, Proof-of-Personhood, works by scanning your eyes to ensure you are who you claim to be, preventing multiple accounts and stopping fraud.
"A very central one is, how can you prove that you are a real human (not a bot) and have not yet claimed your free share of the currency, without revealing personal information about yourself like your name or email. Making this work in a scalable and fraud-proof way is hard," explains Alex Blania, co-founder of Worldcoin and Chief Executive Officer (CEO) of the project.
Founded in 2019 by Sam Altman (CEO of OpenAI), Max Novendstern, and Alex Blania, and supported by venture capital firm Andreessen Horowitz, Worldcoin uses a distribution method similar to universal basic income (UBI) to encourage users to join their network. They offer their cryptocurrency as a reward to users who get their iris scanned using Worldcoin's orb-shaped iris scanner.
Worldcoin has been highly successful in raising funds, starting with $25 million in October 2021 and an additional $100 million in just six months, boosting the token's value to an impressive $3 billion. And they didn't stop there, announcing another $115 million in funding in May 2023.
As of January 2023, Worldcoin celebrated reaching 1 million sign-ups, with more than 115,000 new users in December 2022 alone. Their user base is diverse, coming from various countries like Argentina, Chile, India, Kenya, Portugal, Spain, and Uganda. By July 2023, they expanded to over 2 million users, and their World App is rocking with over 500,000 monthly active users.
Arkham Intelligence
Introducing Arkham Intelligence, a company focused on blockchain intelligence. Their platform is designed to reveal information about the real-world entities and individuals connected to cryptocurrencies, giving valuable insights into the cryptocurrency ecosystem. The goal is to remove anonymity from the blockchain and shed light on the identities behind cryptocurrency transactions.
"Our industry has been plagued with bad actors who survive by hiding in the shadows. Crypto intelligence brings them into the light, and that’s what our platform and our research have always done," Arkham CEO Miguel Morel tweeted.
In July 2023, Arkham Intelligence launched a bounty marketplace, enabling people to buy and sell on-chain cryptocurrency data. To facilitate these trades, they introduced the ARKM token as the main currency on the Arkham Intelligence exchange. Currently, as of July 2023, the ARKM token is being traded at $0.75 with a market cap of $113 million. For example, two savvy users of the Arkham platform recently earned a substantial reward of nearly $6,000 for successfully uncovering Do Kwon's wallet.
The initial request to track the wallets of the former head of Terraform Labs was placed on the on-chain data marketplace, Arkham Intel Exchange. Two online detectives took up the challenge and accomplished the bounty hunt with great success, providing evidence that several addresses indeed belong to the businessman. As a result, they were rewarded with 9519 ARKM tokens, equivalent to approximately $5971.
Fetch.ai
Fetch.ai is an open-source machine learning platform, decentralized and based on a distributed ledger. It offers secure access to AI for smart and autonomous services. They've also made Agentverse, a web3 virtual hub, letting users create autonomous agents easily, no matter their technical skills.
The platform's smart ledger combines blockchain with direct acrylic graph (DAG) tech. Transactions can be assigned to different routes, forming a fragmented network. New routes can be created if existing ones get overloaded. Fetch.ai uses UPoW (useful proof-of-work/proof-of-beneficial work), a mix of proof-of-work, proof-of-stake, and other mechanisms.
FET is the primary value exchange on Fetch.ai. It's essential for network exchanges, staking, and rewarding node operators. FET unlocks various operations on the network and acts as the main payment method. It's also needed to find, create, deploy, and train autonomous economic agents.
Fetch.ai's disruptive nature stems from its ability to challenge the status quo in machine learning, blockchain technology, and decentralized applications, offering new solutions and possibilities that can potentially reshape industries and user experiences.
Arbitrum
Arbitrum, developed by Offchain Labs in 2018, is a Layer 2 scaling solution for Ethereum. Its purpose is to address the Ethereum network's limitations, like slow transaction speeds and high fees during busy times. By reducing work and data storage on Ethereum's mainnet(Layer 1 or L1), Arbitrum aims to decrease network congestion and transaction costs, enhancing the speed and scalability of Ethereum smart contracts.
"Our mission at Arbitrum is to scale Ethereum without compromising on security. Notice that we're focused on the result, not the tool. On the end, not the means," wrote Steven Goldfeder, co-founder and CEO of Offchain Labs.
Arbitrum enables users to perform transactions off the main network, which are later verified and grouped before being added to the main chain. This process helps ease congestion and lower gas fees on Ethereum, benefiting decentralized finance (DeFi) projects like Sushiswapand Aave, which utilize Arbitrum to offer efficient swaps with lower gas fees. The platform supports the Ethereum Virtual Machine (EVM), allowing seamless integration with existing Ethereum tools and infrastructure for DeFi developers.
To gain exposure to the Arbitrum network, individuals can consider the governance token, ARB. Holders of ARB tokens can participate in the protocol's decision-making processes, including proposing and voting on upgrades or changes. Additionally, ARB tokens are used to pay for transaction fees on the Arbitrum network. Despite being launched in March 2023, the ARB token has already reached a market capitalization of over one billion dollars.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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